Consumer confidence fell to a record low last month as Indians grew more pessimistic about their jobs, incomes and spending, a survey from the Reserve Bank of India (RBI) showed.

Sentiment had been steadily falling since the government imposed the world’s biggest pandemic lockdown in late March and collapsed further in July to reach 53.8, the RBI said in a report on Thursday. That’s well below the 100 mark, which represents the dividing line between pessimism and optimism.

“Consumer perception of the prevailing economic situation, employment scenario and own income was significantly lower than that in May,” the RBI said in the report. “Most respondents reported a reduction in discretionary spending” and didn’t expect to increase non-essential spending in the coming year as well, it said. At the same time inflation expectations of households are rising, a separate report showed, making it difficult for the RBI to cut interest rates in coming months to spur spending.